On March 3, Tether denied reports suggesting it was involved in an outside attempt to obtain bank accounts through forged documents.
WSJ Claims Tether Executives Signed False Documents
The Wall Street Journal on March 3rd claimed That “Tether Holdings and [a] The relevant cryptocurrency brokers hid their identities,” as evidenced by the documents obtained.
The article quoted a message from Steven Moore, owner of Tether Holdings, in which a major China-based Tether trader was contacted with false invoices after being restricted from accessing it from the international banking system. It suggests that you used the destination to obtain a bank account.
According to The Wall Street Journal, Mr. Moore advised the other party to stop doing so. Moore supposedly expressed concern about the risks of using false documents and about discussing the issue “in potential fraud/money laundering cases.”
According to reports, the fake document was nevertheless signed by Moore. So at least one of his Tether executives is allegedly complicit in allowing the scam.
Tether Rejects WSJ Claims as “Completely Inaccurate”
Although Tether does not mention specific claims in this article, responded to Calling the article “completely inaccurate and misleading” denounces the general claim.
The company maintains an ongoing compliance program and works with various enforcement agencies, including the U.S. Department of Justice (DOJ), he added. It said it would continue to offer stablecoin services despite “unjustifiable attacks.”
Paolo Ardoino, CTO of Tether, commented on this on Twitter, said the report contained “a large amount of misinformation and inaccuracies.” He also said he heard “clown horns” onstage during the conference and attributed the event to the Wall Street Journal—presumably meaning that the publication of the article led to audience heckles. increase.
The Wall Street Journal has repeatedly criticized Tether. In February, a small group of individuals claimed to have once controlled a majority of Tether’s shares.Last summer, Tether claimed it was at risk of bankruptcy, and a hedge fund sold his USDT to He also claimed to have sold it short. The newspaper also criticized the transparency of the company’s reserves, lending activityTether has lived up to many of these claims.
Despite frequent criticism, Tether’s USDT token is still the largest stablecoin. Currently, it has a market cap of $71 billion and a 24-hour trading volume of $43 billion.
